The
13th National Assembly Legislature’s second session has ended with the
successful mapping out of crucial waymarkers for Vietnam’s socio-economic
development until 2015.
The 29-day session culminated with the
adoption of a resolution on socio-economic development for 2011-2015 and
another related resolution for 2012. Prime Minister Nguyen Tan Dung said the
resolutions were vital to help the government harness the resources needed to
realise ambitious targets.
The top law-making body agreed the primary
goal of Vietnam’s 2011-2015 Socio-Economic Development Plan was rapid and
sustainable economic development closely linked with economic restructuring and
renewal of the growth model, with a view to improve the economy’s quality,
effectiveness and competitiveness.
The National Assembly also gave the nod to an
annual gross domestic product (GDP) growth rate target of 6.5-7 per cent for
2011-2015. Meanwhile, the consumer price index (CPI) would be kept in a range
of 5-7 per cent by 2015. The state budget overspending would be controlled
below 4.5 and the public debt would be capped at 65 per cent of GDP.
The National Assembly’s resolutions have set
total national development investment capital will be equivalent to 33.5-35 per
cent of GDP in the 2011-2015 term, while trade deficit would be gradually
reduced from 2012 and was expected to be 10 per cent of total export turnover
by 2015.
National Assembly vice chairwoman Nguyen Thi
Kim Ngan said specific targets would be flexibly set annually in line with the
changing economic situations in Vietnam and worldwide.
The top goal for 2012 would be to rein in
inflation, stabilise the macro economy and maintain reasonable economic growth
in line with growth model renewal and economic restructuring.
The GDP and CPI growth rates for next year are
6–6.5 and below 10 per cent, respectively, while state budget overspending and
public debts would be kept below 4.8 and 58.4 per cent of GDP, respectively.
Total national development investment capital
would be 33.5 per cent of GDP and a trade deficit of 11-12 per cent of total
export turnover would be targeted. National Assembly Chairman Nguyen Sinh Hung
said concerted actions were necessary from the grassroots to central levels if
these targets were to be met.
The National Assembly also stressed it would
push ahead with economic restructuring in Vietnam, with three major tasks being
restructuring state-owned enterprises, commercial banks and state investment.
“The government is reviewing investment
planning and decentralisation to ensure that each investment project is
strictly controlled in terms of its purpose, size and capital. All violators
will be penalised,” Dung said.
His comments came in the wake of government
reports that localities and sectors had approved too many projects without
taking their financial health into account, resulting in sluggish
implementation and capital shortfalls in key projects.
Dung also highlighted the pressing need to
restructure state-run groups and corporations, many of which held large state
assets but failed to operate effectively. “State-run groups and corporations
will have to operate within their core business sectors. They must withdraw
capital from their non-core businesses,” Dung said.
Deputy Minister of Finance Vuong Dinh Hue
followed this up by saying Electricity of Vietnam would have to complete
divestment from non-core business including insurance and banking before 2015.
Restructuring Vietnam’s commercial banks will
also be a focal task for the government until 2015.
“The State Bank has completed preparations for
a project to restructure Vietnam’s commercial banks, which will be adopted by
the government at the end of this month,” said the State Bank’s governor Nguyen
Van Binh.
The second session of the 13th National
Assembly also adopted five laws on information security, archives,
measurements, complaints and denunciation. A raft of resolutions were passed on
government bond usage, national target programmes for 2011-2015, state budget
allocation for 2012, the 13th National Assembly’s law and ordinance building
programme, and land use for 2011-2015 and 2012.
Khoi Nguyen | vir.com.vn
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